SEPA Payment System

SEPA (Single Euro Payments Area) is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. It was created to harmonize electronic payments across Europe, allowing consumers and businesses to make cross-border euro transfers under the same basic conditions and rights as domestic payments.

The system is not a physical 'made' product but a set of technical standards and legal frameworks implemented by thousands of financial institutions across Europe. It is managed by the European Payments Council (EPC) on behalf of the European banking industry, in close cooperation with the European Commission and the European Central Bank. Currently, it covers 36 countries, including all EU member states and several non-EU territories.